So far on Monday, U.S. stocks are building on the rally that was started recently, and climbed to new all-time highs. The Dow Jones Industrial Average bumped up 200 points, the S&P 500 improved 0.5% and the Nasdaq made it a trifecta of record setting numbers, advancing 0.6% Monday.
Bitcoin surged to their all-time high, going north of $44,000 for the first time ever.
Why is this happening now? Part of the reason appears to be the fact the new coronavirus stimulus package is close to passing. The Senate and House passed budget resolutions Friday, a sign that the $1.9 billion dollar relief bill can get through the Senate with a simple majority, which VP Kamala Harris would provide.
Inside that stimulus package is $1,400 stimulus checks for Americans, additional unemployment benefits and money for COVID-19 testing and vaccinations, as President Biden continues to push for 100 million vaccinations in his first 100 days in office.
Treasury Secretary Janet Yellen told CNN Sunday she see the good vibrations on Wall Street continuing. “There’s absolutely no reason why we should suffer through a long slow recovery. I would expect that if this package is passed that we would get back to full employment next year.”
Several more major U.S. corporations will be reporting earnings this week also, which will undoubtedly affect stocks. Watch for GM, Coca-Cola, Disney and Twitter to share their financial news in the next five days.